Thursday newspaper round-up: Car industry, Southern, Barratt Developments

The car industry has told Theresa May that the introduction of tariffs after Britain leaves the EU is a “red line” issue that would lead to a fall in sales and potentially result in job losses. In a severe warning about the consequences of a hard Brexit, Mike Hawes, the chief executive of the Society of Motor Manufacturers and Traders, said tariffs would make UK car plants uncompetitive and it was critical that any trade deal with the EU contained some of the benefits of the single market and customs union. – Guardian

Ministers are considering taking direct control of the rail franchise that includes Southern rail, it has been claimed. Options ranging from splitting off Southern from Govia Thameslink Railway (GTR), to a complete “managed exit” to take direct control of the entire franchise until a new contract could be let are under consideration by the Department of Transport, according to the Rail Business Intelligence magazine. – Guardian

The single currency is failing to bring its economies closer together, with the strong core nations pulling ever further ahead of the weak periphery - leaving the eurozone as a whole set for years of stagnation and political crises, according to analysts at credit ratings agency Moody’s. Plans to reform weak economies have largely ground to a halt, Moody’s fears, while debt levels are not falling as hoped, leaving the countries vulnerable to economic shocks. – Telegraph

An alleged cash-for-contracts scandal that has engulfed Britain’s biggest housebuilder went further than previously thought, the Metropolitan police said as it gave details of two further arrests at Barratt Developments. The company announced in October that Alastair Baird, 52, regional managing director of its London division, had been arrested after the company had handed to police the initial findings of an internal investigation. A 47-year-old woman from east London, a former Barratt employee, was also arrested on suspicion of bribery at the time. – The Times

The world has access to more than twice as much oil as it will need between now and 2050, which will dampen the long-term outlook for prices, according to BP. There was an “abundance of oil” globally and it was “increasingly likely” that some resources would be left in the ground, Spencer Dale, the oil major’s chief economist, said. This would prompt competition, keeping long-term prices below $100 a barrel. – The Times